“Stimulus” packages that increase government spending don’t work, notes Harvard economist Robert J. Barro in the Wall Street Journal.
The administration claimed that Obama’s $800 billion stimulus package would deliver a short-run “jolt” that would quickly lift the economy, but unemployment rose rapidly after its passage, and the package has actually destroyed thousands of jobs in America’s export sector.
Countries that refused to adopt big stimulus packages have fared better than those that imitated Obama. And the biggest-spending countries have suffered worse in the recession.
Obama claimed his…
Loading ...